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I - Pricing Your Work (Read 6,277 times)
 
DerekJeffries
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I - Pricing Your Work
Oct 2nd, 2007 at 12:05pm
 

Bowls:

Quote:
... Width(") X Height(") X 4= $ That is using "inches" for the width and height numbers. You will then need too determine the add-on % for the commission, and total it all up for a retail price...


Rev. Doug Miller wrote on Nov 21st, 2005 at 5:20pm:
Another thought is to multiply diameter in inches X $10 + any premium for special wood or conditions.  A 7" open bowl made from unremarkable maple would be $70.  The same 7" bowl of maple burl might be $100 or more.  If it were a piece of historically significant wood, say from a barn owned by Geo. Washington, it might be $500 to the right buyer.  Finish will play a factor in any piece.  Segmented work really raises the price.  Once your name becomes a factor, pricing becomes more arbitrary.  

Your milage may vary.   8)


Frank Reed wrote on Feb 3rd, 2007 at 6:45pm:
...I can't get as philosophical as some, so I'll give you a rule of thumb that I use.  No bowl should sell for less than $35, and that would be in 4" to 6". Go up $10 to $20 for every additonal 2".  When you get to 12" to 14"  you need to be over $100 to $150.  We are talking about straight bowls, not segmented or textured.  If you can get these prices it should make for a good outing.


For more discussion take a look at these threads:


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Derek Jeffries
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Re: I - Pricing Your Work
Reply #1 - Oct 2nd, 2007 at 8:58pm
 
What about spindle work;  Pens, Game Calls, etc.... Undecided
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Re: I - Pricing Your Work
Reply #2 - Oct 2nd, 2007 at 9:11pm
 
Smiley  As I find guidlines or formulas for pricing other items I will add them to the list... Smiley
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Re: I - Pricing Your Work
Reply #3 - Oct 5th, 2007 at 4:59pm
 
Bama,

Spindle work is a bit more arbitrary.  It really comes down to what your market will bear as with anything.  I can usually get a bit more for production items (pens, etc) and artistic pieces because of my selling area (Beverly Hills, Los Angeles, etc) but I usually have to discount functional items like salad bowls here because people see the ones at IKEA and such and don't understand it's not the same.  Back East, functional items sell extremely well but sometimes artistic pieces can be tough. 

I started by looking in local craft shops and galleries and comparing my quality to that of the items there.  Then I took those prices and based on that comarison set my prices accordingly.  If the person had made a name for themselves then I adjusted a bit more.
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Re: I - Pricing Your Work
Reply #4 - Oct 7th, 2007 at 6:01pm
 
just got back from a craft show this weekend and have found out how to sell woodturnings
first  knowq how much you want for the item say a bowl that you price at 45.00 for it but do not put that price on it insted put a price of 145 on it and when they ask you if you can do any better look at the pice and act like you are in deep thought and then tell them that you could sell it to them for what you got in it say 45.00  they will buy it and think that got a bargin and you got what you wanted for it any way and everybodys is happy  if they pay the 145 then you made good
this is what i found out this weekend
also i had one person look at a pair of candel sticks that i had not priced but wanted 20.00 for the pair cause one was a little off center on the hole
and i told her to pay me what she wanted to and she had no idea what to offer me so i said that she could have them  she free  she still did not know what to say and keeped on asking me how much  after ten min of this i told free and walked away
that was my weekend with the public  not where did i put the burbonl
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Re: I - Pricing Your Work
Reply #5 - Oct 11th, 2007 at 1:49pm
 
I can't say that I ever haggle over pricing, it encourages the mentality that you'll give people a deal.  I don't.  I price it what it is, and don't discount it.  If it doesn't sell there, I have galleries that it will sell in.  Plain and simple.
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Re: I - Pricing Your Work
Reply #6 - Oct 11th, 2007 at 7:12pm
 
I agree with Hooligan.  Set a fair price, perhaps based on one of the formulas given above.  However,  what you can charge as a beginning artist of any kind is less than what a well-established artist can charge.  Keep a picture (if not the piece itself) along with the price for that piece.  Refer to that later, probably with chagrin, when pricing new pieces. Wink
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Re: I - Pricing Your Work
Reply #7 - Oct 18th, 2007 at 7:50pm
 
Man, can I relate to this!  I AM NOT A SALESMAN.  I have been a stay-home dad for 16 years, and I offered services & sold woodwork for way less than anyone would have, but I don't like dealing. 

I put a price, and I feel it's fair, but my trouble is, I'm flexible.  If I got a few bucks for something, I took what I could. 

For instance computer services.  I'm not an expert, but I know my stuff.  I have a small but loyal customer base, and my prices are VERY fair, but I enjoy it, and I get pleasure in helping people.  Lately I find myself charging $10.00 / hour for that work (computers), which is WAY below what the stores charge ,but I figured $10.00 / hour is better than a kick in the pants.   Grin  I will be less flexible in the future in my pricing.
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Re: I - Pricing Your Work
Reply #8 - Oct 19th, 2007 at 1:35pm
 
JDLanger wrote on Oct 11th, 2007 at 1:49pm:
I can't say that I ever haggle over pricing, it encourages the mentality that you'll give people a deal.  I don't.  I price it what it is, and don't discount it.  If it doesn't sell there, I have galleries that it will sell in.  Plain and simple.



I agree. I sell other things and I don't haggle...if you don't buy it, someone else will
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Re: I - Pricing Your Work
Reply #9 - Oct 28th, 2007 at 9:50pm
 
I am just back from first craft fair of the year and I had 2 other woodturners that I know stop by and tell me my pricing was too low. Using the formulas posted here I would have to agree that my prices are too low. In the future I will be raising prices to expected levels and see how they do!
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Re: I - Pricing Your Work
Reply #10 - Oct 29th, 2007 at 8:34am
 
Some may agree and some may not,BUT I have never changed my prices at any show because of what another crafter says.Because usually they are selling there crafts at a much higher price and want you to raise your price so that folks will buy from them.I always have my price set to what I need to make  before I even pack it up and if somebody tries to talk me down,I just tell them this is not a flea market.

PS I forgot to add,you will not get the price for you work at a craftshow that you may get at a gallery.For the most part,folks that go to craftshows are not looking to spend the big bucks as they would do at a gallery.
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Re: I - Pricing Your Work
Reply #11 - Nov 3rd, 2007 at 11:37pm
 
Hi all

I am new to this forum, its seems to be a wealth of info.  If (or should I say when) I make the jump into something besides spindle work this site will be a great help to me.

I have been turning pens as a hobby for almost 2 years.  I am starting to accumulate enough that I am going to have to try to sell to people I don't know.  And you can only give away so many before you can't buy any more kits.  On one of the pen forums this topic comes up fairly regularly.  I am going to list the 2 most common responses for the question on what to price your pens at.

Approx 3 times cost of materials (blanks + kit)

2X plus $10.00 and always give my blanks a minimum of $5.00 value even if it was free

Another turner in the UK provided this response

Take the basic cost of all materials used (in this case kits + blanks). Add the cost of your labour on an hourly basis and then add the cost of running the shop on an hourly basis. This gives a $ amount to which 20% of that total is added to cover the cost of running the business (post-phone-petrol-show costs etc). This gives a $ total to which another 20% of this new total is added for business profit. This is your selling price.
This method was published in a craftsman magazine many years ago in the UK and It works for me. The only variables are your labour rate and your rate for running the shop.

Ed Davidson aka YoYoSpin has come up with a great excel sheet for pricing that can be seen here Multimedia File Viewing and Clickable Links are available for Registered Members only!!  You need to Login or Register

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Re: I - Pricing Your Work
Reply #12 - Nov 4th, 2007 at 6:57pm
 
Would these methods apply to Holiday Ornaments as well, or does the season influence their pricing any?  l
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Re: I - Pricing Your Work
Reply #13 - Nov 7th, 2007 at 3:29pm
 
Ken Ward wrote on Oct 29th, 2007 at 8:34am:
PS I forgot to add,you will not get the price for you work at a craftshow that you may get at a gallery.For the most part,folks that go to craftshows are not looking to spend the big bucks as they would do at a gallery.

This is very true, and ( don't tell anyone) I adjust prices according to what I get in galleries, not at shows.  With the exception of few things, I charge the same as I would in a gallery.  I find, ,though, that as I sell more work, I have more people coming just for one of my pieces.

Ornament prices really vary.  I've not sold any this year, because everything I've been turning has been for friends/family.  I tend to set a price, close to what my shop time is, and go with it.  They'll sell.
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Re: I - Pricing Your Work
Reply #14 - Nov 7th, 2007 at 6:06pm
 
sorry i am straying away from the subject a little but i see a few mentions of having pieces sold in galleries. i have been told by my flat woodworker friends that i should submit my work to galleries, I was just wondering one if my work is really good enough for a gallery and secondly how do you approach a place like that to buy your work?
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Re: I - Pricing Your Work
Reply #15 - Nov 8th, 2007 at 2:52pm
 
Magnanimous;

I will defer to others on this site more knowing than I to respond to your questions, since I'm newer at this than you are.  However, I do have a recent experience I can share with you and others.  I made a lot of the Sea Urchin ornaments I posted on the gallery.  (The shells were cheaper in batches of 10 and I wanted several colors, and I liked making them).  I thought they turned out ok so I prepared an inventory sheet and placed price tags on them and took 15 of them by a local gallery.  The manager seemed pleased with them and hung them on their christmas tree for display.  Unsure of my quality and wanting to test the market, I priced them at $10.  I went back today to check on them and the Manager said you need to raise your prices.  I inquired why, and she said all 15 of the ornaments I left had been sold.   I asked what she thought the price should be and she said double it.  I still don't know if that is a good price, but I have a few shells left and plan to make 10 more and take back at $20 to see what happens.  I'm not making a lot of money, but I hope it will start to get me some reconition and when I do start to create some good stuff, have a place to try to sell it.  This Gallery retains 25% commission of the selling price.
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Re: I - Pricing Your Work
Reply #16 - Nov 8th, 2007 at 9:22pm
 
Thanks roundwood! but one question? how did you approach the gallery owner, did you just walk in or did you send an email. just curious
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Re: I - Pricing Your Work
Reply #17 - Nov 9th, 2007 at 2:58am
 
Ric Rountree wrote on Nov 8th, 2007 at 2:52pm:
Magnanimous;

I will defer to others on this site more knowing than I to respond to your questions, since I'm newer at this than you are.  However, I do have a recent experience I can share with you and others.  I made a lot of the Sea Urchin ornaments I posted on the gallery.  (The shells were cheaper in batches of 10 and I wanted several colors, and I liked making them).  I thought they turned out ok so I prepared an inventory sheet and placed price tags on them and took 15 of them by a local gallery.  The manager seemed pleased with them and hung them on their christmas tree for display.  Unsure of my quality and wanting to test the market, I priced them at $10.  I went back today to check on them and the Manager said you need to raise your prices.  I inquired why, and she said all 15 of the ornaments I left had been sold.   I asked what she thought the price should be and she said double it.  I still don't know if that is a good price, but I have a few shells left and plan to make 10 more and take back at $20 to see what happens.  I'm not making a lot of money, but I hope it will start to get me some reconition and when I do start to create some good stuff, have a place to try to sell it.  This Gallery retains 25% commission of the selling price.

In a 25% Gallery, I treat it as though I want a 30% overall GPM.  In order to do that, I take what I have in it, add my needed profit, and multiply that x 1.5.  After that I add the 25% of selling price in.  Galley pricing is entirely different for me, because I'm usually the only turner in the galleries I'm in.  i'm lucky in that manner.
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Re: I - Pricing Your Work
Reply #18 - Nov 9th, 2007 at 3:19am
 
magnanimous wrote on Nov 7th, 2007 at 6:06pm:
sorry i am straying away from the subject a little but i see a few mentions of having pieces sold in galleries. i have been told by my flat woodworker friends that i should submit my work to galleries, I was just wondering one if my work is really good enough for a gallery and secondly how do you approach a place like that to buy your work?

Generally, you pound the pavement.  You visit galleries, see if they fit your style, and approach the owner(s).  You talk with them about their clientčle, and get a feel for the general population that utilizes the gallery.  After that, you bring your work (work that would fit in the gallery) and show them what you've got.  Generally, I don't press, I tend, more than anything now, to do photo submissions of my pieces when trying to get in a new gallery.  There are several in the area that have requested my work, but they just don't fit my market.  Don't get me wrong, I'm not saying that my work is Like Chris', because it isn't.  It isn't priced the same, nor is it going to hit the same market as his. (I'm using you because I will own at least one of your large forms someday)
When that's all said and done, you work out an arrangement to rotate what is in the gallery if it isn't sold.  Sometimes, you are lucky and pieces sell right away, sometimes they don't.  That's the way it goes.
I'm fortunate, now, that I have two galleries that are on purchase order.  They buy from me, then resell it.  If they have a piece that doesn't move, I will buy it back from them, no problem.  I like this, in that I get my money upfront, and know where I stand with it.  No chance that I am going to get shafted by someone talking a clerk down in price ( it has happened in the past... a "quantity discount").  Not everywhere is going to do this, and most certainly not when you are first starting.
If a piece hasn't sold in a month, get it out, and get something new in.  Plain and simple.  Two reasons, it might not be the right piece, but you start to do that a few times, and it creates a sort of, "Hey, that guys work is selling, maybe we should look at them a little harder." from the patrons that frequent the gallery.
As far as gallery pricing goes, if you are selling within a couple days, your prices need to go up.  If it is over a month ( as a rule where I am...plenty of room for adjustment in the beginning phase) It needs to drop.  NEVER drop the price on a piece immediately, and leave it in the gallery.  Rotate it out for a month or two, then try again at a lower price.  Chances are you'll get that person that looked at it before to look a little harder. (MOST of the time, people won't truly realize that it is the same piece.  They think it is one similar.)
Above all, give it time.  There are a lot of different aspects to galleries, and it takes a lot of "face time" to become established.  We aren't all Rude Osolnik, or Mark Damron, or Dave Bowers, or Keith Thompkins; familiar names to us all, but even more familiar to the buying public in their markets.  Those guys, and guys like them, have really busted their collective butts to reach the level at which they are turning, and the level at which they are selling pieces.  ( I pulled those names out of a hat, because...well...I respect those guys and like their work.)  It takes time, and hard work.  Not hard work only turning, but following up on your calls.  making sure that lighting is correct for the piece, making sure that yu aren't stuck back in a corner that people think leads only to storage.  A LOT goes into it, and you have to have a handle on every aspect of it, you have to be willing to make some sacrifices, and you have to be willing to step in the gallery and sell the pieces if you need to.  Sometimes I've moved pieces in a gallery by stopping in and on the off chance someone would be looking at a piece.  Many times, if they are a collector or enjoy the aspect of woodwork in general, they will ask you questions, and gain a new appreciation.  I have one person that I have to call every time a new piece goes in, because I did that.  They bought one of my first pieces in that manner, and now they expect first showing of new.  I am more than happy to accommodate that, because they buy.  Plain and simple.
Anyhow, that's my little rambling, shambling, sometimes egomaniacal, take on galleries, and getting your work in them.
Remember one thing above all.  It takes a lot of work with galleries.


Edit: I know there are some guys here that can add to this, and I hope they do, because I know I've left things, important things, out.  It is inevitable, that's just the way it goes.
And, as always, your mileage may vary... free advice is worth what you paid for it...grain of salt...ALL of those apply.  Its late and I'm tired.  I'll try to revisit this tomorrow when I'm at least mildly coherent.
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« Last Edit: Nov 9th, 2007 at 3:23am by JDLanger »  

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Re: I - Pricing Your Work
Reply #19 - Nov 9th, 2007 at 10:37am
 
magnanimous wrote on Nov 8th, 2007 at 9:22pm:
Thanks roundwood! but one question? how did you approach the gallery owner, did you just walk in or did you send an email. just curious


I went in and looked around and struck up a conversation with the person and it just happeded she was the manager.  I went in a second one and did the same thing, but the she was only a sales person.  She gave me a card with the owners name and invited me to give him a call.  I have not followed up as yet.
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Re: I - Pricing Your Work
Reply #20 - Nov 9th, 2007 at 6:53pm
 
thanks! roundwood and hooligan, i have probably been spending way to much time wondering how to approach galleries about my work. i guess i just gotta to it the old fashion way and hit the pavement.
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« Last Edit: Nov 9th, 2007 at 6:55pm by magnanimous »  

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Re: I - Pricing Your Work
Reply #21 - Nov 18th, 2007 at 12:22am
 
One other note, gallery or craft show, your prices should be the same. Never undercut a gallery, if they find out your gone.
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Re: I - Pricing Your Work
Reply #22 - Nov 18th, 2007 at 5:08pm
 
Anthony;

Thank you for the comment.  I would not have thought of that.  I was actually under the false assumption that craft show prices were always lower because of the market you were selling to.

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Re: I - Pricing Your Work
Reply #23 - Dec 11th, 2007 at 9:43am
 
Here's a good question, how many people go into a car dealership and pay what the sticker on the window says? 
Some people only shop to get a good deal.  it's not about weather they wanted it or not, but how much money they were able to save.
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Re: I - Pricing Your Work
Reply #24 - Dec 15th, 2007 at 6:42pm
 
jacen68 wrote on Dec 11th, 2007 at 9:43am:
Here's a good question, how many people go into a car dealership and pay what the sticker on the window says? 
Some people only shop to get a good deal.  it's not about weather they wanted it or not, but how much money they were able to save.

I never haggle, I will offer discounts for multiple items but to haggle is flea market mentality.
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Re: I - Pricing Your Work
Reply #25 - Jan 3rd, 2008 at 10:10am
 
I've been selling my pens between $18-$22 S&I in the lower 48. The price is approximately double my cost & includes the S&H. $9 for the kit/blanks x 2 plus $3 to S&I. I also give a 10% discount for orders of 3 or more since shipping doesn't rise much for more than 3 pens in a bubble envelope. Amboyna Burl & Afzilia Snakeskin make beautiful pens & they are popular woods for me. Having said that I charge to the upper end for them. I'm new to this also but I've had good luck selling what I've been turning.

HTH

BTW-- These prices may be too low but I'm having a lot of fun doing this
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it pays for itself unlike my turkey hunting addiction!! Grin Grin

Great post & very informative!! Wink
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Re: I - Pricing Your Work
Reply #26 - Jan 3rd, 2008 at 11:53am
 
Yikes!

I sell basic custom slimlines for $50 and basic cigars for $60. I alway use nice wood.

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Re: I - Pricing Your Work
Reply #27 - Jan 3rd, 2008 at 12:15pm
 
Ron Sardo wrote on Jan 3rd, 2008 at 11:53am:
Yikes!

I sell basic custom slimlines for $50 and basic cigars for $60. I alway use nice wood.



Wish I had your market!   Cry  I put some streight slim lines in a gallery prior to the Holidays for $28, Custom Slim Lines $35  and El Grande for $58.  Top quality wood and good fit and finish.   I have not heard that any have sold as yet.

Ric
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Re: I - Pricing Your Work
Reply #28 - Jan 3rd, 2008 at 8:24pm
 
Ron Sardo wrote on Jan 3rd, 2008 at 11:53am:
Yikes!

I sell basic custom slimlines for $50 and basic cigars for $60. I alway use nice wood.




I charged $40 and $50 this year and had several customers say they would pay more.  My bottle stoppers went from $35-60 and no one balked at that either.
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Re: I - Pricing Your Work
Reply #29 - Jan 4th, 2008 at 8:07am
 
WOW!! $30 for mine was too much. I couldn't sell any at that price.  I'm glad you can get that price for your work tho.  Cool

Maybe someday I'll make it that far. Wink  Until then I guess I'll have to graduate up to that price.
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JimQuarles
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Pricing Your Work
Reply #30 - Jan 9th, 2008 at 1:53am
 
Out here in Phoenix, I sell custom S/L's for $30 & up for wood, and $35 & up for various Acrylics.  I just sold one I made out of Craft Supply's TruStone Turquoise for $55.  Euro/Designer pens go for $5-10 more.  Cigars sell for $5-10 more than Euro's.  For a pencil, I will add $5 to the price of a similar pen.  A P&P set sells for twice the pen price.  I only sell by word of mouth, no shows, advertising, or galleries.  Of course, at those prices, I only sold about 50 this year and took in the same amount as I did selling 75 last year.  I currently have orders for about 20, and no time to turn them during tax season.

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Re: I - Pricing Your Work
Reply #31 - Jan 9th, 2008 at 9:32am
 
Jim, feel free to send those orders my way.  I'll charge what you charge so that I'm not stealing your customers with lower prices.  I'll even give you a finder's cut of every sell.  Don't loose a customer because of work
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Re: I - Pricing Your Work
Reply #32 - Feb 22nd, 2008 at 7:37am
 
All the Galleries I work with sell on 40% comission  only. I guess if you had a big enough name they may buy up front.
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